Investment of fund moneys

Investment of fund moneys.

303. (1) All moneys contributed to the fund, or received or accrued by way of interest, or otherwise, may be-

(a) deposited in a Post Office Savings Bank Account in India; or

(b) deposited in a current account or a savings account with any scheduled bank; or

(c) utilised in accordance with rule 307 for making payments under a scheme of insurance or for purchase of annuities referred to in that rule;

(2) Any funds not deposited or used as mentioned in sub-rule (1) shall be invested in accordance with the notification of the Ministry of Finance, (Department of Financial Services) number F. No. 11/14/2013-PR, dated the 2nd March, 2015 published in the Gazette of India, Extraordinary, Part I, Section 1 as amended from time to time.